Gideon Tadmor's Navitas lists on TASE

Tadmor: Navitas brings to the Tel Aviv Stock Exchange a unique model for investment in North American gas and oil assets.

Oil and gas exploration partnership Navitas Petroleum has successfully completed it offering of participation units and will be listed for trading on the Tel Aviv Stock Exchange from today. Navitas raised NIS 60 million, with the general partner headed by Gideon Tadmor participating to the tune of a further NIS 15 million, on the same terms as in the public offering.

Two months ago, through Navitas Buckskin Financing Ltd., Navitas issued to series of bonds (A and B), raising a total of NIS 472 million ($131 million). The bonds are US dollar-linked and rated A- by S&P Maalot. The proceeds will be invested in development of the "Buckskin" discovery in the Gulf of Mexico, which is expected to start producing in the second half of 2019.

Navitas has also reported a co-investment agreement with Menorah Mivtachim amounting to up to $150 million for investment in gas and oil projects that Navitas will undertake. The partnership also reports that it has received an option from LLOG, the operator of the "Buckskin" discovery, to raise its holding in the reservoir by 50%, from 5% to 7.5%.

Tadmor said today, "Navitas brings to the Tel Aviv Stock Exchange a unique model for gas and oil assets in developed and being explored in North America. President Trump's tax reform, alongside the recovery in oil prices, provides a following wind for Navitas's projects in North America, and we believe that together with the investors we shall build a prosperous oil-gas partnership on the Israeli stock exchange."